Can we buy another home after filing chapter 7 bk?
My husband was laid off, we had no other choice. We still reside in our home, trying to work w/our mortgage company. According to our atty. we can walk away from our home without the mortgage company coming after us personally. (We have a letter that states we need to pay over $25,000 to bring mortgage current) If this is true we would like to have a fresh start. If someone could give us some direction on where to go next we would appreciate it.
(0) | asked by: Anonymous | share | 85 months ago | Report
Under the current laws, keep working with your mortgage company to redo the loan. Ask them to reduce the principal and to reduce the interest rate to no more than 3%. Be persistent. If they won't resolve it, the issue will be decided and you can walk away if necessary. Debts get settled all the time. Read more about options available at http://jamesmontgomerylaw.com/credit-card-debt-settlement
(1) | by http://stoneybrooke.net | 85 months ago | Report
Viewing Answers 1 - 7 of 7
Foreclosure is a serious choice, but preventable. Successful loan mods can extend time, but failure rates can be high. If income is an issue, government's HAFA shortsale could be the best scenario for everyone.
The answer is yes! 24 months after a bankruptcy discharge, bankruptcy debtors can qualify for a loan on the same terms as if they had not filed bankruptcy as long as there has been no derogatory credit after the discharge. My best advice is to consult with a knowledgeable realtor prior to making any decisions; especially should you have additional debt that you are unable to control besides your property. One key point to keep in mind is that if your home is the only debt that is creating an uncontrollable situation for you then a short sale option is most likely your best bet vs. a bankruptcy. A successful short sale negotiation may prevent the homeowner?s need for a foreclosure or bankruptcy. A short sale can satisfy a loan balance in full and have no adverse effects on a person?s credit file if negotiated correctly. If you have been experiencing hardship for some time, we encourage you to consult with us at NO COST whatsoever. HOW WE HELP! JC & Associates with Coast Realty is Northern California's most impressive loss mitigation servicing company. Our organization helps homeowners in hardship that may be facing default, foreclosure or bankruptcy. A result of our efforts include loan modifications, short sale pay-offs and other arrangements deemed as a viable solution to helping property owners get a fresh start, protect credit, and reduce liabilities. Negotiating on the property owners behalf, we help alleviate both lender and mortgagee by creating mutual agreements to help borrowers save or sell their home. Call us at (707)208-2453 or contact us via e-mail at email@example.com. Your information is confidential and gives our organization the ability to have your case reviewed. We will contact you, typically within 24 hours of your submission, to help assess the options that may be available to you. JC & Associates and our networked community of realtors are available to you for additional support, free consultations, and service that may be deemed necessary to help avoid foreclosure or bankruptcy. Just know that help is available and you are not alone. Contact us today!
Please do not walk away from your property.... The resulting foreclosure sale and damage to you credit score is the same as filing Bankruptcy. If you do a short sale of your existing property, it will relieve you of the obligation of the negative portion of the debt and have a modest impact on your credit score. (make sure that the short sale states "payment in full" ask your attorney to look over the agreement. Many lenders are sneaking in a single paragraph in the short sale agreement which states that you are offering a personal guarantee of payment for the deficiency. They will sell that "note" to a debt collector and they will come after you, your assets and wages. When you do a Short Sale in many instances you can begin the process of buying another property after two years, and there are some programs that Fannie Mae has that can move you into one of their properties immediately following the short sale. We have a lender that can place you back on the "Road to Home" working with you to repair and reestablish your credit. It is not easy to do, but it is free, there is no cost to you. After about two years if you have followed their instructions you will be able to purchase another home, and will have a loan commitment from a qualified lender when you shop for that new home. Please call me if that sounds like someting that would interest you. Jerry Edwards, Realtor Keller Williams Realty 951-545-4449 firstname.lastname@example.org
Yes, if you just want to walk away and not have the mortgage company come after you personally, along with your other debts, you could file chapter 7. But purchasing a home after a bankruptcy AND a foreclosure are 2 different things. You will need to wait 24 months for a BK, but a foreclosure could be 4-5 years. (The government is now talking of extending that requirement to 7 years). Purchasing after a short sale is only 2 years for FHA provided you reestablish credit. You do not want to file bk if you are planning on short selling. For further information on this please contact me at email@example.com. I am a certified short sale specialist and can direct you to information necessary for you to make the right decision.
Yes, depending upon the circumstances of your Bankruptcy. Lenders do consider the reason for filing bankruptcy, eg. medical bills, lost job, death of spouse etc. However if you just walked away from your obligations, and filed bankruptcy because you were upside down in a property or series of properties, you would be looking at a minimum of 7 years before the banks would consider you as a good enough risk to lend again, and it will be at considerably higher interest rates. If you would like the name of a lender who can help you back onto the road to home ownership, I will be glad to provide it to you. I or my company do not receive anything from the lender other than providing you with the ability to purchase another home, and only then if you feel that we were helpful, you would consider us to assist in finding a new home for you. Please call me or send me an e-mail and I will respond as soon as possible. I know how difficult it is right now, rents are going up and many people received bad information from their past lenders, often forcing a bankruptcy. Jerry Edwards, Realtor Keller Williams Realty 8141 Flat Rock Drive Riverside, CA. 92505 Jerry.KellerWilliams@Gmail.com 951-545-4449
Yes, In about 24 months after your 7 is finalized, by maintaining a good credit record following Chapter 7, most lenders will be willing to approve a home loan for you. I wouldn't recommend walking away from your current loan situation. To prevent foreclosure, you should seriously consider a short sale of your property through the government's HAFA program if you cannot work out a loan modification with your lender.
Hello! There are many different guidelines and investors to purchase. If you have a down payment, you can find a hard money lender with a slightly higher interest rate and a short sale would be still preferable. Each scenario is quite unique, therefore, please contact us by phone/email/LIVE CHAT so we can give you detailed information pertaining to your situation. LEO & KATHERINE www.myLKhomes.com Copy and paste this link if it is not enabled http://mylkhomes.com/short_sale_form.html CLICK HERE to find out how to qualify for up to $5,000 if you can't make your mortgage payments!
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